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Saudi Arabia, Cyprus Eye Economic Integration to Absorb Geopolitical Shocks

Saudi Minister of Commerce Majid Al-Qasabi meets with his Cypriot counterpart in Riyadh (SPA)
Saudi Minister of Commerce Majid Al-Qasabi meets with his Cypriot counterpart in Riyadh (SPA)
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Saudi Arabia, Cyprus Eye Economic Integration to Absorb Geopolitical Shocks

Saudi Minister of Commerce Majid Al-Qasabi meets with his Cypriot counterpart in Riyadh (SPA)
Saudi Minister of Commerce Majid Al-Qasabi meets with his Cypriot counterpart in Riyadh (SPA)

The visit of Cypriot President Nicos Anastasiades to Saudi Arabia on Tuesday raised the bar of expectations for the two countries enhancing strategic cooperation. This comes when geopolitical developments are emerging due to the Russian-Ukrainian war.

Economists stressed that available opportunities are enough to constitute a required integration for the economies of the two countries.

Saudi oil giant Aramco has intentions to launch oil and gas investments in the exclusive economic zone of Cyprus.

The Cypriot president’s visit to the Kingdom enhances the development of bilateral relations after the conclusion of previous agreements to avoid double taxation and launch the executive program between Saudi Arabia’s General Civil Aviation Authority and the Cypriot Ministry of Transport.

Moreover, the interests of the two countries intersect with geopolitical dimensions related to security and stability in the Middle East and Eastern Mediterranean regions.

“The second visit of the Cypriot president to the Kingdom confirms the two countries’ determination to advance joint relations to the stage of qualitative partnership,” Fadl Al-Buainain, member of the Saudi Shura Council, told Asharq Al-Awsat.

Al-Buainain added that Saudi Arabia and Cyprus support investing in available opportunities and perhaps creating joint mega-projects that deepen the joint economic relations, which is the main base for building reliable and sustainable political ties.

Saudi Arabia’s Public Investment Fund may be one of the main players in the joint investment relations between the two countries, noted Al-Buainain.

This aligns with the Kingdom’s Vision 2030 and its declared investment objectives.

Al-Buainain said the Cypriot president’s visit deepens joint bilateral relations in various fields, activates agreements signed in the first visit, and concludes new economic partnerships.

According to Al-Buainain, Cyprus is part of the European common market, and this gives a strategic dimension to Saudi investments, especially in the oil and gas sector and trade in general, where direct access to European markets is considered an added value to various Saudi investments.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.